- Coinbase has won a VASP approval in Europe.
- The approval will allow the exchange to offer services within a specific domestic market.
- The company noted the win is part of its international expansion strategy.
Crypto exchange Coinbase has secured key approval from the French financial market regulator to offer crypto services in France, according to a statement issued on Thursday.
The development paves the way for Coinbase to expand its European services ahead of the Markets in Crypto Assets (MiCA) regime, creating a robust framework for crypto-native companies to offer regulated products and services in the EU bloc.
Coinbase Secures VASP Registration in France
On December 21, Coinbase announced that the Autorité des marchés financiers (AMF) had granted the company a virtual asset service provider (VASP) approval, a green light to operate in the domestic market.
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The VASP registration will allow Coinbase to offer users in France a full suite of retail, institutional, and ecosystem products and services. This includes custody of digital assets, buying and selling of digital assets in legal tender, and digital assets trading against other digital assets.
The Vice President and Regional Managing Director of EMEA at Coinbase, Daniel Seifert, lauded the win, noting that it was exciting to contribute to France’s thriving Web3 ecosystem.
“Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritized,” Seifert stated.
Per the statement, some of the users that Coinbase will target include the 10% of French adults who currently own crypto assets and the 24% who plan to buy, sell, or trade crypto in the next 12 months, according to a new survey by Toluna.
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Read why Coinbase CEO believes the exchange stands to benefit from BTC ETF approvals:
Coinbase CEO Dismisses Fears of Revenue Hit from Bitcoin ETF
Stay updated on why the SEC rejected Coinbase’s petition for crypto regulation:
SEC Rejects Coinbase Petition for Tailored Crypto Regulation
